Shiba Inu (SHIB) on Cliff’s Edge, Dogecoin (DOGE) Heading Towards $0.13, Ethereum (ETH) Really Needs This Support

Shiba Inu (SHIB) on Cliff's Edge, Dogecoin (DOGE) Heading Towards $0.13, Ethereum (ETH) Really Needs This Support

Shiba Inu is facing a period of uncertainty and is generally showing a bearish trend despite being in a relatively good situation just a few days ago. However, things are changing quickly after she fell below the 100 EMA (represented by the orange line on the chart).

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Shiba Inu is facing a period of uncertainty and is generally showing a bearish trend despite being in a relatively good situation just a few days ago. However, things are changing quickly after she fell below the 100 EMA (represented by the orange line on the chart).

The recent price movement suggests a substantial change in sentiment. Shiba Inu has traditionally found strong support at the 100-day EMA, but the current drop below this line indicates increasing selling pressure.

SHIBUSDT Chart
SHIB/USDT chart by TradingView

The 200 day EMA, a critical long-term support level, is now too close to SHIB due to this move. Furthermore, Shiba Inu’s precarious situation is compounded by poor market conditions. Traders and investors are closely monitoring SHIB price action as it approaches crucial support levels, looking for signs of a possible recovery or further decline.

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There has been a bearish crossover indicated by the 50 day EMA positioning above the price. Since the short-term momentum seems to be against Shiba Inu, this situation is frequently interpreted as a bearish signal. There may be a longer lasting downtrend if the price fails to recover this level quickly.

Current market dynamics can also be understood by looking at volume trends. The recent increase in trading volume during the recession suggests that more investors are liquidating their SHIB holdings; Aside from that, Bitcoin’s drop below $70,000 is probably causing some panic among investors.

Dogecoin drops

Dogecoin is continually losing volume and market traction following the death of the Shiba Inu dog that inspired the meme. However, it is puzzling that investors are dumping their DOGE holdings considering its potential for widespread adoption, especially with the planned implementation of DOGE on the X payment system.

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Dogecoin is currently testing important support levels as its price has been falling. These technical indicators paint a worrying picture. DOGE has fallen below its 100-day exponential moving average. This drop implies that the bears are in control at the moment, pushing the price towards the 200-day EMA, which represents the next major support level at $0.13.

It will be difficult for DOGE to regain its bullish momentum given the weakening volume, indicating a lack of compelling buying interest. As the Relative Strength Index (RSI) approaches oversold territory, there may be a chance for a brief rally in price. But the overall market mood remains negative, so any gains could be limited unless there is a big change in market dynamics or investor sentiment.

The life support of Ethereum

Ethereum is at a critical level where a single technical support level could define its performance for the next week. The 26 EMA level is currently the key threshold preventing Ethereum from falling towards $3,380.

Ethereum has experienced significant volatility, which has tested various support and resistance levels. Currently, the price is hovering around the 26-day EMA. This level serves as crucial support that, if broken, could lead to a more significant drop.

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Ethereum is struggling to maintain its position above the 26 EMA. The price may move towards the next significant support level at $3380, which corresponds with the 50-day EMA (blue line) if a drop below this level indicates additional bearish momentum.

This could potentially make investors nervous as it would represent a significant drop from its recent highs. On the positive side, Ethereum could regain some bullish momentum if it can hold above the 26 EMA level. The resistance at $3,700 remains a crucial level to pay attention to. If ETH breaks through this, it could test more resistance levels, possibly as high as $3,900.

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